Fuel oil import down in current fiscal

19 August

MYANMAR  imported  US$2.7  billion  worth  4.6  million  tons  of  fuel oil over the past ten months of the current fiscal year, accord-ing to the Ministry of Commerce.  The  import  volume  is  down  by  440,000  tons  and  so,  the  import  value  plunged  by  $320  million  compared to the corresponding period of last fiscal year.

As of 2 August, the country imported  over  a  billion-dollar  worth 1.75 million tons. The im-port value was up by $19 million against a-year ago period.

Meanwhile,  diesel  import  reached  2.88  million  tons,  with  estimated value of $1.68 million. The import this year fell, which was  down  by  $346  million  from  last year, according to the Com-merce Ministry.

Oil  price  rebounded  last  Friday on the back of some positive  US  crude  data,  according  to  global  market.  Brent  crude  oil price yesterday ranged $58.64 per barrel while WTI crude was priced around $54.8 a barrel, according to global oil markets.

Fuel  oil  fetched  around  at  K750-795 for Octane 92, K840-885 for Octane 95, K850-890 for diesel and  K860-900  for  premium  die-sel yesterday in domestic retail market, according to Myanmar Petroleum Trade Association.

As  oil  price  extended  drop  in  the  global  market  following  up the escalating the US-China trade war, domestic fuel oil price saw  a  gradual  decrease  in  the  past three months.

Last  year,  with  increase  in  global  crude  oil  price  and  the  Kyat weakening against US dol-lar, oil prices hit a high of Ks1,065 per  liter  for  Octane  92,  Ks1,115 for Octane 95, Ks1,085 for diesel and Ks1,105 for premium diesel on 10 October 2018.

Then,  domestic  fuel  oil  touched a low of K695 for Octane 92, K760 for Octane 95, K870 for diesel and K875 for premium die-sel on 1 January. Then, the price surged to above K1,000 per liter in  April  and  plunged  to  below  K1,000 in June, according to local oil market.

Ninety per cent of fuel oil is imported  from  abroad  while  10  per cent is locally produced.

Myanmar  imports  fuel  oil  primarily  through  Singapore,  with  monthly  export  of  200,000  tons of gasoline and 400,000 tons of  diesels.  There  are  2,000  fuel  stations and 50 oil importer com-panies in Myanmar.—GNLM
(Translated by Ei Myat Mon)